Beauty supply store business which is all about the beauty of a woman. Like I normally say which woman on earth doesn’t want to look beautiful? Show me that lady please? These ladies go all out on a daily basis to make sure they look not just beautiful but extremely beautiful using various makeup kits and beautification products. Every woman to look beautiful but not every woman want to go into the business of making other ladies look beautiful.
Beauty supplies business is a unique business for women most especially those who look forward to start a home based business which could be a starting point. You don’t necessarily have to go build a store or warehouse for this initially you can choose to start small then grow.
I mean there are several stores around the corner who are already into this but the market is huge and so much opportunities. It all about your vision for your business and how focus you are in making it a success.
There are diverse products category in this business but you just have to look for a specific beauty tips niche which you will have to pick from and specialize in those areas. The beauty supply business comprises of all kind of cosmetic products ranging from hair to nails and then to the skin. Some commonly beauty products niche can be sub categorized into the following
- Hair: beauty hair products, Hairs wigs, human hair, crochet braids with human hair, hair extension, hair pieces, hair weave care. You can choose to focus on this and become hair supplier or have hair supply store.
- Nails: nail dotting tools, nail design tools, manicure and pedicure accessories and equipment, home gel nail, nail charms etc
- Skin: organic and natural cosmetic products for skin, beauty skin products, body gloaming products, anti-aging skin care products, elegant beauty products the list goes on.
The products should be professional grade products and ethnic focused products depending on the location you are targeting. For example the Black beauty community is growing rapidly so not a bad idea having a black beauty supply store. There are lot of beauty products out there that are specifically for cosmetologist, beauty salons, beauty professionals and makeup artist.
But its best to pick from what you understand best and can afford to sell easily. I mean just work with the ideas your mind concerning beauty supply. Try and expose yourself to lots of training’s and tips on beauty supply business.
Essence of having a beauty supply store business
The essence cannot be over emphasize as every ladies and even some men want to look beautiful at all time. Remember the married once wants to look good for there partners, the single once wants to also look good for there dates, the business owners or employee wants to look good for presentations and business meetings, the students want to look good to class in other to stand out among others and be the talk of the town, the customer reps in every organization want to look good to represent their organization in front of the customers and the list goes on and on. You can’t under estimate why you need to setup a beauty supply business be it a store or warehouse there is a huge opportunity as the number of demand will certainly increase.
The Business Margin
The margins on these products are high and if you wish to take it to a large scale level Awesome you will make a good profit from the business. The best thing to do is to try and build a good line of beauty products out there that is in high demand and being used by elite and professional over the country not just your locality but you are starting from you locality. It’s all about your vision for your business but whatever way you are starting out just make sure you have a long term vision for the business.
Well, to all this what i can say is that you start where you are, use what you have and do what you can do. The business opportunity is huge as you can’t focus of individuals alone you can also focus on beauty providers store.
Beauty Supply Business Start Up Requirement
The following I think are basic steps you will need to achieve a successful beauty supply startup.
Target A Niche
You have to target a niche and make sure you are specialty in order to demonstrate your expertise within that niche so as to reduce your initial inventory investment. If you know you don’t have much knowledge engage into an appropriate training as there are several of them online and physical locations.
Have A Business Plan
When you are about to start a business this is one fundamental things you can’t ignore. It entails a lot about how to get investors and venture capitalist who could be interested in your project. Your business plan I will say is a road map to your business journey. It’s a map/plan which you have to follow regularly and come back to it anytime you feel lost in your endeavor. A business plan is a written document which you have to write what and how you want to successfully start and run your business, what are the resources you will need and how to go about getting those resource be it getting into a partnership/joint venture or seeking for investors. It doesn’t just end at getting financial support but it should contain all what would keep you focus and meet deadlines.
This is one document that must comprise of clarity of thought, focus and realism.
Basically your business plan should comprise of the following; Executive summary, Company Summary, Products/services, Market Analysis, Strategy and implementation, Management summary and Financial plan.
You can do research and write down all this down yourself using some free business plan templates online, its looks like a lots of work right? Sitting by your system doing all the writing and researching. Trust me its can be a daunting task. I will advice that if you can’t do it yourself you should consult an expert to do all this for you.
Necessary Permits And License
Registration Of Your Business Name
This would not necessarily be important at the very beginning but like I said earlier it depend on how you set your vision for your business. But just in-case you have to then you have to formally register your business with the proper government agencies that is responsible for this purpose. But take note you don’t have to start with the big business name registration just something that will legally recognize running a small business in the region you choose to run it.
It is at this stage you officially assign directors and shareholders in your business if you actually choose to have one anyways. Don’t forget that if you will need to have anyone else involve your business you must have a solid agreement that binds both parties involvement in the business, approved and endorsed by an attorney.
Research Locations And Competitors
You need to conduct details research on potential locations for your business of which you will have to pay close attention to local zoning restrictions. This step is very crucial in having a beauty supply store. When scouting a location to set up you will need to consider both direct competitors and indirect competitors. Very importantly you need to consider how many similar businesses exist in a certain area and how densely populated the area is. Depending on your business model you would know if this stage is necessary for you. but i think which ever business model research still have to be done to know the nature of your competitors.
Get The Right Suppliers
Once location is determined for your business you will need to start sourcing and contacting the right potential wholesale supplies for the equipment and inventory needed to stock your store. You can consult Google and search for beauty supply near me. beauty supply store near me or beauty supply warehouse near me. This will provide you list of local companies you can start contacting either by call or by email and ask how to obtain a wholesale account and price list. Remember you have to use the phrase near me so as to get the closest to your location. A good supplier of beauty products should have a beauty supplier warehouse where large stock of these products are kept.
Define Your Market
This is where you have to identify the class of people who would be interested in buying your products or services. you do this with the intention to know what people are hoping for as far as whatever products or service you are offering is concerning. Market research, supplier transaction histories and demography research data are basically what would be needed to be carried out.
There are some factors you might have to consider about your customers when doing this which are; gender, occupation, religious belief, age, level of income, marital status,interests and hobbies and so on. This factors will not only determine whether your business will be popular but will also help you in determining which beauty products would be your best selling offer. Don’t forget to start with FREE stuffs to attractive people to what you have to offer.
This is an area one can’t ignore or forget in this present age, with the advancement of internet on a daily basis social media and online presence is something we can’t over emphasize. A survey conducted recently has shown that online presence and social media has helped several business rise by 50% in the recent age. Which is to tell you that putting your business online is the way to go and it will also amaze you that the level of online shopping has increase drastically by 30% in the last few years.
Many have turned to shopping online which makes it convenient for them. Basic requirement needed to set this up is a website and a social media page for you business. Read my blog post on You Just Have To Take Your Business Online.
You will understand why you will have to take you business and how to ruin it effectively online.
It’s all about Money Money Money! I mean you can’t take money out of setting up a business, you still need to spend some money. The input and output for any business is money. You just have to earn profit and make some good money. Funds would have to be invested into inventory, marketing, branding, sampling programs, consumer research, software, database building and so on.
There are no two ways about the fact that no matter how economical you try to get started, you are going to need money for every milestone and every facet of your business from inception to implementation.
Similarly, raising capital for a business is a three step process. The first step is for you to look for ways and sources that fund businesses. Secondly out of all available sources you acquired in the first step you will need to look at sources that fund businesses similar to yours. Finally, the most important step is to identify all the requirements and documents that the funding company needs about you and your business to disburse the loan amount.
I believe if you follow this steps and even more you will see that success is inevitable, you have no limits. Take reference and study already existing beauty supply store like the sally beauty supply, cosmo beauty supply and many others.
The next blog we will be talking about is How to maintain this beauty supply business and keep it running.